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Obama campaign hits Romney over Mass. state debt in new TV ad

President Obama's campaign released a new TV ad on Tuesday titled "No. 1," warning prospective voters that Massachusetts under former Gov. Mitt Romney was first in state debt but "fell to 47th in job creation."

"When Mitt Romney was governor, Massachusetts was No. 1," says the narrator in the video. "No. 1 in state debt at $18 billion in debt, more debt per person than any other state in the country. At the same time Massachusetts fell to 47th in job creation, one of the worst economic records in the country."

The ad, which builds on a series of Web videos blasting "Romney Economics," concludes: "It didn't work then. It won't work now."

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The ads direct voters to the campaign's website, RomneyEconomics.com.

According to the campaign, the ad will air in the key battleground states of Colorado, Florida, Iowa, North Carolina, New Hampshire, Nevada, Ohio, Pennsylvania and Virginia.

"As president, Romney has promised to do the same thing," the Obama campaign said in a press release. "He’ll explode the deficit with $5 trillion in tax breaks weighted to millionaires and billionaires that he refuses to say how he'll pay for and do nothing to grow our economy. America can’t afford the same results."

The Romney campaign fought back by attacking Obama's record.

"President Obama will do anything to distract from his abysmal economic record and — despite that record — the fact that he thinks the private sector is ‘doing fine,' " said Romney spokeswoman Andrea Saul, referring to a comment on the private sector made Friday that the president has since clarified.

“President Obama has overseen trillion-dollar deficits, soaring national debt and the first credit downgrade in history. Mitt Romney, on the other hand, closed a $3 billion budget shortfall, balanced four budgets, left a $2 billion rainy day fund and received a credit rating upgrade."

With voters saying the economy is their top issue, both campaigns have sought to undermine their rival's economic record.

The Obama campaign has also hit Romney on his record at private equity firm Bain Capital, claiming he personally profited from the shuttering of American businesses.